The Arizona champion., 1887-10-29
THE MINERAL BELT.

The following, Tn regrad to the suspension of work on the Arizona Mineral Belt R. R.. is an extract from al article published in the Boston Dally dGuertiSer, of October 22nd:
 The following telegram was sent from the Arizona Mineral Belt Rall. road office in this city on the date named. It tells fits own story. Two large corporations apparently default on paltry subscription of SIS 900 only SS7 500 fir each Thr one ha. just increased It's dividend rate, and the other has just added another of its junior stocks to the dividend list
 Bosro", MAss., Ger. l7, 1887.
 Gen. A. A. McDonell, Supt. of con, struction, Flagstaff, Ari.; Work must stop for the following reasons: There is now due from the Atlantic X Pacific Railroad upon their subscription to the Arizona Mineral Belt Railroad Com pauy, Sl75, 900 which l cannot collect F. E. Hinckley and others who have furnished money to build our road did so with the express understanding and agreement that the Atlantic k Pacific Company would take our bonds and pay s25, 900 upon the completion of each five miles which they have thus far wholly neglected and refused to do Hinckley and others now very justly refuse to advance any more money un- til the Atlantic X Pacific pay as agreed ltisa a great outrage, leaving us with out money for pay roll. l will com mence suit at once and do all can for the men. You do the same and exhort them to have patinece. Bring in board ing train and tents for their use,
 J. w. EDDY, President
 Interes'ed parties will be glad tore ceive the explanation of the default outlined in the above despatch. Last spring after considerable negotiating the Atlantic & Pacific, alias the Atch- iSon and Frisco Companies, agreed to increase its subscription to the Arizo- ma Mineral Belt bonds from S200,000 to S400,000 on 80 miles of completed road, this subscription to be payable in amounts of S25, GOO as often as a 5-mile section was completed. Other conditions of the increased subscription were that the indebtedness of the Mineral Belt road should be reduced from an average of s25,0 ,000 to SIS, ,0OO per mile, and the rate of interest reduced from to per cent. The A & P. was to receive as a bonus for making this subscription, 5l per cent of the capital stock of the Mineral Belt road.
 The announcement that the two pro prietary companies of the A. & P. had agreed to make this additional sub scription enabled the Mineral Belt peo, pie to go ahead rapidly in construction of tteir road. Where they had previous ly leon placing some of their bonds at go they were able to get 95. Mir. Hinck- ley of Chicago, who has within a few months soll the Atkinson over 100 miles of road, Subscribed heavily tothc boals, and Col. Eddy, president, pushed wors so as to get to the Verde region if possible before snow time.
 seyen of the five-mile sections have now been completed, and the A. x P. gu ,scription of sl75,000 is now due. But it is not paid, and the above des- patch became necessary, The roads business is looking better by far than had been anticipated. But shipments of cattle have had to be declined because oi lack of funds with which to provide facilities.
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